JONAS SHAKAFUSWA URGES ZAMBIA TO RETHINK ECONOMIC STRATEGY FOLLOWING LATEST WORLD BANK RANKING

 Former Deputy Finance Minister Jonas Shakafuswa is urging government to rethink its economic strategy after Zambia was ranked the sixth poorest country globally by the World Bank Group.

In an interview with Phoenix News, Mr. Shakafuswa criticized Zambia’s long-standing policies, which he believes have perpetuated neo-colonialism, leaving the country’s vast mineral wealth in the hands of foreign investors.

He says this approach has hindered domestic economic development and increased reliance on external financiers and has since proposed a comprehensive review of Zambia’s economic priorities, emphasizing the need to formulate policies to address persistent poverty levels.

He stresses that retaining greater control over key resources, such as minerals and agricultural products, is crucial for fostering local value addition and driving sustainable growth.

Recently, the World Bank Group ranked Zambia as a country with the 4th highest inequality in the region and the 6th highest globally.